The S&P 500 was treading water for a few minutes at the open but it’s rolled over now, down 11 points to 1854. But the main index isn’t the real story, it’s the Nasdaq as all the high-flying tech stocks take a beating.
One of the classic sayings is that at the end of a bull market, the ‘generals’ are executed before the soldiers are slayed. Undoubtedly, tech companies like Netflix have been leading the charge and the Nasdaq chart looks awfully suspect:
Nasdaq daily
The rout in stocks has spilled over to the US dollar. The euro and pound are at session highs. If USD/JPY breaks 103.00, look for another wave of USD selling.
